Reply to Very expensive life insurance

Forum Index » Money and Finances

Reply to "Very expensive life insurance - WWYD?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I would do it, because your kids are so young. I'd do a term life through the last year that you anticipate they would be in college (i.e. maybe that's a 20 year term for you). I'd do enough to cover the mortgage + any other outstanding debt you have (college loans, if you typically have a car loan) + your expectation for what you'd have saved for college had you lived (i.e. if you know you're saving $6,000 a year for college for each child, assume $12K * 16 years).

I'm a worried. I can't stand the idea that of all the problems that my family might face if I died that money or debt would be one of them. I feel if the debt is taken care of, then I know my spouse would have enough money to cover all basic needs (health care insurance being the biggest one I worry about). And if I'm not there to save the money for their college funds, at least they'd get something towards that.

I would agree that it's very unlikely your health insurance rates will drop. They rise as you age. I believe in the case of cancer, you have to be in remissions 7 years to see a drop in rates. Chronic conditions like high blood pressure or diabetes, you will never see a drop in rates.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics